Baker Hughes Company $BKR is Monte Financial Group LLC’s 9th Largest Position

Monte Financial Group LLC boosted its stake in Baker Hughes Company (NASDAQ:BKR) by 14.8% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 135,095 shares of the company’s stock after buying an additional 17,414 shares during the quarter. Baker Hughes makes up about 2.4% of Monte Financial Group LLC’s holdings, making the stock its 9th biggest position. Monte Financial Group LLC’s holdings in Baker Hughes were worth $6,582,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the stock. Norges Bank purchased a new stake in Baker Hughes during the 2nd quarter worth about $862,722,000. First Trust Advisors LP grew its holdings in shares of Baker Hughes by 76.0% during the second quarter. First Trust Advisors LP now owns 7,419,033 shares of the company’s stock worth $284,446,000 after buying an additional 3,203,942 shares in the last quarter. Sei Investments Co. raised its position in shares of Baker Hughes by 247.5% in the second quarter. Sei Investments Co. now owns 3,134,494 shares of the company’s stock valued at $120,177,000 after buying an additional 2,232,394 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Baker Hughes by 38.0% during the second quarter. American Century Companies Inc. now owns 7,602,803 shares of the company’s stock valued at $291,492,000 after buying an additional 2,094,079 shares during the period. Finally, Invesco Ltd. boosted its position in Baker Hughes by 18.9% during the second quarter. Invesco Ltd. now owns 12,834,534 shares of the company’s stock worth $492,076,000 after acquiring an additional 2,044,402 shares during the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Baker Hughes from $52.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday, September 30th. Jefferies Financial Group increased their target price on Baker Hughes from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Thursday, November 20th. TD Cowen restated a “buy” rating on shares of Baker Hughes in a report on Wednesday, January 7th. Zephirin Group increased their price objective on shares of Baker Hughes from $37.00 to $40.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Finally, BMO Capital Markets boosted their target price on shares of Baker Hughes from $53.00 to $55.00 in a report on Tuesday, November 11th. Twenty-one analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Baker Hughes Price Performance

BKR opened at $53.95 on Monday. Baker Hughes Company has a 52-week low of $33.60 and a 52-week high of $55.31. The company has a 50 day moving average of $48.46 and a two-hundred day moving average of $46.61. The company has a market cap of $53.23 billion, a P/E ratio of 18.60, a P/E/G ratio of 1.70 and a beta of 0.89. The company has a quick ratio of 1.00, a current ratio of 1.41 and a debt-to-equity ratio of 0.33.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Thursday, October 23rd. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.06. The business had revenue of $7.01 billion for the quarter, compared to analyst estimates of $6.81 billion. Baker Hughes had a net margin of 10.43% and a return on equity of 14.22%. The business’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.67 EPS. On average, analysts expect that Baker Hughes Company will post 2.59 earnings per share for the current year.

About Baker Hughes

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.